BOSTON – Fidelity Investments illegally let dozens of unregistered advisers trade in customer accounts through its brokerage unit for at least a decade, gaining client assets and fee income while putting customers at risk, Massachusetts regulators claim in a complaint brought against the mutual-fund giant on Monday.
According to an administrative complaint filed by lawyers for the securities division of Secretary of State William Galvin's office, Boston-based Fidelity allowed unregistered advisers to have access to client funds, thereby exposing its clients to unnecessary risks. The filing makes no mention of any customer losses, however, and acknowledges that the trading was authorized by the clients.
WASHINGTON (AP) — In a stunning move, Majority Leader Kevin McCarthy on Thursday withdrew his candidacy for speaker of the U.S. House.
GOP lawmakers said McCarthy told colleagues at the start of a closed meeting that he was not the right person for the job. He recommended that the election be postponed and Speaker John Boehner delayed it.
